Early Morning Pop: Earnings, Gold, and Oil Are In Play

This morning, the S&P 500 Index futures (ES U1) are trading higher by 6.00 points to 1327.50 per contract. The major stock indexes soared higher yesterday. The rally was very strong point wise, however, the volume was very light. In any case, if the major stock indexes can scratch out another gain today it will be the first two day winning streak since July 7, 2011. Traders must still pay attention to the news coming out of Europe, and the U.S. politicians regarding the debt ceiling. The market is still very sensitive at this time.

Traders seem to be focusing on the earnings from the large corporations such as International Business Machines (NYSE:IBM), Apple Inc. (NASDAQ:AAPL), and Google Inc. (NASDAQ:GOOG). While earnings have been very good from these tech giants there have been a fair share of blowups as well. Riverbed Technology Inc. (NASDAQ:RVBD) is trading lower by nearly 23.0 percent this morning. This stock could effect other leading cloud computing stocks in the networking space such as F5 Networks Inc. (NASDAQ:FFIV). Often, stocks in the same industry group will decline in sympathy.

Nicholas Santiago started trading in 1991. In 1997, he became a licensed Series 7 and 63 registered representative. He managed money for a large, affluent private client group. After applying his knowledge to his client base, he decided it was time to begin teaching those interested in learning his methods. He is an expert in Technical Analysis. He has become an accomplished technician in the studies of Elliot Wave, Gann Theory, Dow Theory and Cycle Theory. In 2007, he partnered with Gareth Soloway to form InTheMoneyStocks.Com and realize his dream of educating others about the truth of the markets.